FIRST TIME HOME BUYER TAX CREDIT
$7,500
This is a Federal tax credit program know as...
Housing and Economic Recovery Act of 2008
Bill H.R. 3221

Who is eligible:
1st time home buyers who purchase a home between 1/9/08 through 7/1/09
Full credit will go to single person with income under $75K and 150K on a joint return (it will phase out above those caps ($95K and $170K respectively)

Eligible property:
Single family residences including condos that will be used as a principal residence.

Refundable:
This will reduce the income tax liability for the year of the purchase. Claimed on the tax return for that tax year.

Here's the catch....
There is a Recapture involved:
Portion (6.67% of the credit to be repaid each year for 15 years. If home is sold before 15 years, then remainder of credit recaptured on sale.

For more information please call or email me and/or consult your CPA or tax preparer.